Bank of America’s quantitative indicators remain biased toward emerging-market currencies, but upward revisions to growth expectations have peaked and the dollar-weakness trade is fading. Interest-rate markets are diverging, while external debt positioning and valuations constrain the scope for a rebound.
Following its TPCA research, BofA says substrate specification upgrades and technical barriers support pricing; glass cores offer superior performance, but cracks and reliability still constrain mass production.
In the third quarter of 2026, Sieyuan Electric’s revenue rose 31% year on year, while net profit attributable to shareholders grew just 4.5%, below BofA’s expectations. BofA cut its earnings forecasts for the next three years and its price target while maintaining its Buy rating.
Ping An Bank’s pre-provision profit growth accelerated to 3.1% in the first three quarters of 2026, but third-quarter net profit rose just 0.2% year on year. Bank of America downgraded the stock from Buy to Neutral, citing concerns over contracting loans, rising overdue loans and a declining provision buffer.
Higher copper prices continued to improve unit profit, and third-quarter net profit met Bank of America’s expectations; however, base-metals trading tied up more working capital, and operating cash flow turned negative for the quarter.
Delayed iPhone Duo orders weighed on third-quarter revenue and gross margin. BofA expects sequential improvement in the fourth quarter, but has lowered its earnings forecasts for the next three years because of exchange rates, Android demand and expenses for new projects.
In the week to 23 October, copper, gold and lithium carbonate prices fell, while aluminium prices and margins recovered; steel demand weakened, and cement price increases coincided with lower shipment rates.
Bank of America expects Honghe Technology’s net profit to reach 3.736 billion yuan in 2027, 88% above the market consensus; rising prices for standard electronic cloth are driving near-term profits, while a ramp-up in T-glass depends on capacity expansion.
Red Sea container ship traffic has recovered to 65% of normal levels. Bank of America expects container shipping prices to ease modestly over the coming months; tanker and dry bulk rates remain high, and demand for car transport is growing, though supply and demand constraints differ across markets.
Zijin Mining’s third-quarter net profit rose 26% year on year but fell 4% quarter on quarter, missing Bank of America’s expectations. Mined copper and gold output and costs weighed on the mining gross margin, while the lithium business increased production and reduced costs as projects ramped up.
JPMorgan expects the market for high-performance computing chip test interfaces to expand rapidly from 2026 to 2028, but suppliers’ ability to turn demand into profit depends on qualification, capacity and project share. The bank rates WinWay Overweight and MPI Neutral.
JPMorgan adjusted its price target for Kioxia to reflect a three-for-one stock split, maintaining its Overweight rating and earnings forecasts. The bank is positive on enterprise SSD demand, low costs and economies of scale from the joint venture, while highlighting NAND supply-demand and pricing risks.
Ris-Rez extended progression-free survival in a Phase III osteosarcoma trial, but serious adverse events were more frequent than in the control group. Early ovarian cancer data for Mo-Rez were promising, although differences in patient backgrounds limit cross-trial comparisons.
Net additions of 406 thousand postpaid phone subscribers led Verizon to raise its full-year guidance for subscriber additions, earnings per share and free cash flow; however, revenue per account continued to decline and fixed wireless broadband additions also slowed.
Pre-tax profit for the quarter ended September rose 58% quarter on quarter, helped mainly by lower provisions. Equity financing also supported capital adequacy amid rapid expansion, but changes to insurance commission policy could weigh on future earnings.
Price increases for mid- and low-end copper-clad laminates are narrowing the gross margin advantage of high-end products. J.P. Morgan expects prices of M7 and above products to rise by more than 10% before the end of 2026; meanwhile, PTFE mass-production processes and substrate equipment supply remain key constraints.
Average LCD TV panel prices were flat month over month in October, and Omdia expects stability to continue in November. TV makers are cutting purchases of smaller panels, but a higher share of larger sizes may limit the impact on total LCD panel area.
JPMorgan believes government back-office software provider Tyler and fleet operations platform Samsara are converging in school bus and municipal asset management; for now, the two companies are more likely to compete with each other than with most new AI entrants.
Management expects HBM supply constraints to ease gradually, while advanced packaging capacity expansion remains on schedule; smartphone demand is relatively weak, and domestic production of 2.5D depends on customer certification.
As of 23 October, the value of commodity open interest tracked by JPMorgan rose for a third consecutive week, with energy contributing most of the increase; the latest published investor net long position nevertheless fell as positions in metals and agricultural products were reduced.
